The S&P/Case-Shiller1 Home Price report released today says that April 2009 home prices in 20 major metropolitan areas declined 18.1% from April 2008. Prices are down 32.6% from their second quarter 2006 peak and back to 2003 levels.

The good news is that the rate of decline is leveling.

The other good news is that some Knox Co. home values have increased 33% to 60% or more according to the property assessor's office, and 16.6% overall in the past four years.

But seriously, the Knoxville area is always behind the curve on national trends. In this case I guess that's a good thing as long as it passes us over completely. At any rate, Knoxville area home prices have always seemed more stable than other places. I suspect it is due to the high rate of safe and secure government employment.